Aurora Solar has released its second annual “Solar Industry Snapshot.” This report examines early 2024 U.S. residential solar trends through three unique data sources: Aurora’s solar projects database of more than nine million projects over the past two years; a survey of 1,000 U.S. homeowners about their solar adoption behaviors and motivations; and, a survey of 500 U.S. solar professionals on the state of the industry.
Key findings include:
Interest in solar is high, but homeowners are stuck in the planning stage
More than half of homeowners said they believe solar is a good investment. However, 75% of homeowners who do not have solar (but are interested) said overall system and installation costs are a big concern.
Notably, 15% of homeowners said they were paying for their PV system through a leasing program. In the current high-interest rate environment, we anticipate this percentage will increase as demand for leasing goes up. Education around third-party ownership could open doors for homeowners and installers to move out of the “interest stage.”
Homeowner trust has declined, but hope remains in the power of education
In 2023, 22% of homeowners said they were unable to find a trustworthy solar company. In 2024, the numbers doubled: 44% of respondents said it is difficult to determine which solar companies are trustworthy.
Solar professionals backed this up — by far, the main problem they face in 2024 is homeowners being reluctant to commit to quotes (38%). It’s more important than ever for solar sales professionals to educate homeowners.
Homeowners find solar more valuable when paired with storage and other energy efficiency products
Only 10% of homeowners had battery storage, and they overwhelmingly did not understand net-energy metering (only 16% were familiar with the term). These numbers should increase in future years as net-metering policies are examined across the United States and electricity rates continue to rise.
In fact, nearly three-quarters of solar professionals reported seeing increased interest in energy storage + solar. Moreover, 38% of homeowners felt solar panels are more valuable when paired with whole home electrification.
News item from Aurora